More lenders offering two-year and five-year fix mortgages at the same rate

by Aaron Strutt

Nov 13 2026

Two-year vs five-year fixed mortgages: What if the rates are the same?

Several major UK lenders have cut selected fixed mortgage rates over the past fortnight, giving homebuyers and borrowers approaching the end of a deal before Christmas more options. Some lenders are now pricing their two- and five-year fixes at the same initial rate, particularly for borrowers with larger deposits or more equity in their homes. If both deals start at the same rate, how long should you fix for? 

Why are fixed mortgage rates falling after the base rate rise?

The Bank of England raised its base rate to 4% on 5 November. Fixed mortgage pricing also reflects wholesale funding costs and competition between lenders. Two- and five-year swap rates have been close together, giving lenders room to price some shorter and longer fixes at the same rate. es

Which lenders are pricing two- and five-year fixes the same?

Halifax has priced selected two- and five-year Loyalty Premier fixes at 4.78% for eligible Lloyds Premier current account holders. For a purchase or remortgage, Halifax also requires at least one applicant to have an income of £100,000 or more. 

Representative mortgage example: A Halifax capital and interest repayment mortgage of £1,000,000 payable over 30 years, initially on a fixed rate basis at 4.78% until 31 December 2028, followed by the lender's current standard variable rate of 7.24% for the remaining term. The 4.78% rate would require 25 monthly repayments of £5,235.28, followed by 335 monthly repayments of £6,734.82. The total amount repayable would be £2,387,146.70, based on the lender's illustration plus interest (£1,391,429.33). The mortgage has a £999 product fee, added to the loan, and a £100 valuation fee. The overall cost for comparison is 7.0% APRC representative.

Source: Trinity Financial. These examples are a snapshot of selected deals. Rates and availability can change, and the products you qualify for depend on factors including your deposit or equity, loan size and application type. 

Should you choose a two-year or five-year fix?

A two-year fix lets you review your mortgage sooner. That can suit borrowers who expect their plans to change or want the option to switch deals sooner. You’ll need to consider the rates and fees available when the deal ends.

A five-year fix gives you three extra years of certainty over your mortgage payments. If you expect to move or make a substantial overpayment during that period, check the early repayment charges, the lender’s overpayment allowance and whether you could take the mortgage with you when you move.

Is a tracker still worth considering?

Some trackers still start below comparable fixed deals. A tracker with no early repayment charge can appeal if you expect to sell or use a bonus to pay down a substantial part of your mortgage. Trackers linked to the Bank of England base rate can become more expensive if it rises again. Ask your broker to show the difference in pounds per month and what a further quarter-point rise would do to your payments.

Speak to Trinity Financial about your next mortgage

If you’re buying a home or your fixed deal is ending soon, we can compare your existing lender’s rate-switch options with deals from other lenders where applicable. We’ll show you how the payments, fees and early repayment charges compare so you can choose a deal that fits your plans.

The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.

Call Trinity Financial on 020 7016 0790 to secure a fixed or tracker rate mortgage, book a consultation, or use our appointment calendar

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

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